Issue link: https://read.dmtmag.com/i/496801
31 Oil Prophets BUSINESS STRATEGIES it didn't appear to me there was a cash timing problem with growth. He then stated that to "win" new accounts he had to make significant investments. Anywhere from $25K to $50K just to land a new account. So, I challenged that. Was there any new volume he could get without spending money? Interestingly enough, he started to name off several alternative types of accounts he could secure without paying a dime up front. Sometimes all it takes is posing the right question. And if the growth you want does require capital, banks right now are in the mood to lend. Roadblock #6 – No Why or Purpose. When you see marketers in strong growth mode, you can bet they have a big "why" they are in touch with as they grow. For some, it's staging the next generation for success. For others, it's for the love of employees and their families, or charitable giving, or maximizing cash out at exit. In my experience, the stronger the why, the stronger the growth. If, on the other hand, a marketer has lost desire, has no heirs interested, and is just staying in the business due to lifestyle and friendships, it's really difficult to maintain status quo without back peddling. Too frequently owners come to Meridian's sales advisory division after they've already started backsliding. That timing is bad for value, but we try our hardest to make the best of it. To sum up, you can make growth happen. Don't be married to what you've always done; look for new opportunities springing up in your area, expand and upgrade your sales team, get your operations and technology up to date, get your bank line increased and ready, and re- engage with your purpose. There is something thrilling to me when a client says "we met our three month goal in two months" or "I've got to pinch myself because we're up 40% over last year," or "we're seeing an 8% gain in inside sales." Ahhhhh. The sweet sound of success is music to this advisor's ears! Since 1991, Meridian has provided insight and services to over 3,400 petroleum marketers, growing and expanding their market share, while increasing their cash flow and profits. Being the leading petro valuation provider in the nation, Meridian is also trusted for buy/sell transactions. To find out what Meridian can do for you – Call us 866-888-0327.